Doing Business in UAE
Why Establish a Company in UAE?
Entrepreneurs across the world look for a favorable business climate when planning to establish or expand a business venture. The Middle East, and specifically the UAE, continues to provide a wealth of opportunities for foreign companies. The global credit crunch sent the top Gulf Arab economies; Saudi Arabia and the UAE, into a downturn but high state spending and a turnaround in oil prices are helping the world's top oil-producing region get back on its feet. The UAE is firmly on the path to recovery.
The UAE provides a richly diversified economy, which has proven a haven for investors the world over and provides easy access to 3 billion consumers situated in the greater Middle East and North Africa and South East Asia regions.
United Arab Emirates may be the one place where you are sure to find an open economy with world class infrastructure to meet your requirements. There are many options for international companies seeking to establish business in the UAE. For many companies there are distinct advantages in having a physical presence. Establishing a business in the UAE makes it easier to understand and be closer to your prospective market, develop the necessary local contacts and gives greater access to regional markets.
At Grant Thornton, we offer over 40 years of dedicated regional knowledge and experience. We can provide the professional advice and assistance that you require to establish your presence effectively in the UAE.
Dubai International Financial Centre
If you are thinking of setting up business in the Dubai International Financial Centre our advisers can use their vast local knowledge to help you navigate the process.
Our range of services include:
- Registrations
- Outsource of Compliance
- Compliance Manuals
- Outsourced accounting and quarterly reviews
- Internal Audits
- Audit assurance
For further information please contact hisham.farouk@gtuae.net
The Dubai International Financial Centre (DIFC)
The Dubai International Financial Centre is a purpose-built financial free zone in the United Arab Emirates. It has been established as part of the goal to position Dubai as a recognised hub for institutional finance, and as the regional gateway for capital and investment in the Middle East. The DIFC is established by Federal and Dubai Law. Its President is His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Defence Minister.
The Dubai Financial Services Authority (DFSA)
DFSA is the independent regulator of financial and ancillary services undertaken in or from the DIFC. The DFSA licenses, authorises and registers businesses and individuals who wish to conduct these services in the Centre; supervises their activities and will enforce the law where necessary.
Grant Thornton UAE is registered by DFSA to provide accounting; audit assurance, compliance and consultancy services to DFSA regulated entities.
Registrations
Institutions and individuals who wish to conduct financial or ancillary services in the DIFC must pass a stringent assessment in order to be granted authorisation, a license, or registration to operate within the Centre.
If you are planning to set-up a new company or a branch in the DIFC, Grant Thornton has the knowledge and expertise to assist you throughout the registration process until attainment of the license.
Our services include:
- Registration process and completion of necessary forms
- Preparation of Business Plan
- Financial projections and Capital Adequacy
Outsource of Compliance
Dubai Financial Services Authority supervises regulated participants and monitors their compliance with the laws, regulations and rules that apply.
At Grant Thornton we have the expertise to cater to your compliance requirements of your company. Grant Thornton has approved authorized individuals to act as Compliance and MLR officers. The role of Compliance Officer and aniti-Money Laundering Officer can be outsourced to Grant Thornton to ensure and fulfill all the requirements of the Dubai Financial Services Authority.
Compliance Manuals
To manage your company's compliance arrangements, including processes and procedures which comply with all legislation applicable in the Dubai International Financial Centre effectively, Grant Thornton offers you a comprehensive solution, complete with streamlined processes, accurate information systems and ongoing controls and management.
Services include review and preparation of :
- Standard Operating Manual
- Compliance Manual and compliance monitoring program
- Anti Money Laundering Manual
- Business Continuity/ Disaster Recovery Plan
Outsourced Accounting & Quarterly Reviews
Outsourced accounting A company's accounting and finance needs cannot be put on hold. The most common reasons companies choose to outsource business processes are to reduce operating costs, improve company focus and increase flexibility to respond to business requirements. At Grant Thornton we offer many services and each service can be customized to meet your needs and comfort level and your company could focus on core business, reduce operating costs and increase profitability.
Our services include:
- Prepare accounting records
- Payroll – compute and prepare checks;
- Prepare bank reconciliation;
- Generate trial balance and financial statements.
Quarterly reviews and reporting
Grant Thornton can provide service review the balance sheet of your company on quarterly basis and the related statements of income and cash flows, changes in shareholders equity for the quarter then ended, in accordance with the International Standard on Review Engagements (ISRE).
Grant Thornton can also assist in the prudential reporting requirements required by all DFSA regulated entities.
Internal Audits
Our internal audit personnel provide a broad range of services to companies seeking to strengthen their internal control and risk management capabilities.
Our services include:
- Risk profiling
- Risk identification
- Risk assessment
- Control identification
- Control adequacy evaluation
- Control effectiveness review
- Reporting
- Internal control deficiency follow up reviews
Our capabilities and skills are combined to deliver a unique internal audit solution to help address the risks and opportunities in businesses.
Audit assurance
Excellence from your professional service provider is essential for competing in today's markets. You can expect the highest level of expertise and dedication from us in providing audit assurance and advisory services.
For further information or to request the Doing Business in UAE brochure, please contact Hisham.Farouk@ae.gt.com